The Nigeria Upstream Petroleum Regulatory Commission has expressed concern that Nigeria could face a gas supply crisis in 2030.
NUPRC Chief Executive, Mr. Gbenga Komolafe, said this during the ongoing Energy Conference in Lagos.
According to Komolafe, from 2020 to 2030, gas demand is expected to grow at a compound annual growth rate of 16.6%.
“And Nigeria could face an impending gas supply crisis, with a ‘base case supply and demand’ scenario potentially leading to a shortage of 3.1 billion cubic feet per day by 2030,” he said. .
In a special industry address at a conference themed “Gas as an Energy Transition Fuel: Navigating the Trilemma of Nigeria’s Finances, Energy Security and International Politics,” Komolafe said that in the post-Paris era, the urgency of the fight He argued that awareness of sexuality is increasing. climate change.
As a result, more countries and organizations are setting carbon neutrality targets, he noted, resulting in a global transition to a more sustainable and low-carbon energy environment.
He said this has also led to a decline in oil and gas investment as investors and financiers face increasing pressure from various fronts.
Mr Komorav asserted that the blueprint for different pathways to energy transition is fully consistent with NUPRC’s national position on a “just transition”.
“The challenge for Nigeria and other resource-rich developing countries is to weigh evolving energy dynamics against geography, history, politics, and the need for energy justice, equity, inclusion, and sustainability. This means that you need to adjust it accordingly.
“With new developments in the global energy sector, Nigeria, a country long dependent on oil and gas development as a pillar of its economy, is poised to secure a blossoming energy future while meeting global climate goals. strategy needs to be reconsidered.
“The future we envision for the oil industry is based on the key pillars of Nigeria’s energy transition: shared prosperity, energy access, affordability, sustainability, security and energy independence and energy. It must ensure the utilization of Nigeria’s endowed natural hydrocarbon resources for the sake of sovereignty,” he said.
Komorav recalled that the government had declared natural gas as the interim transition fuel. Natural gas is a cleaner alternative to oil and coal because it emits far fewer greenhouse gases and maintains the reliability needed to power industries and homes.
“This development equally shows that natural gas is our destination fuel, with gas predicted to become a significant part of Nigeria’s energy mix by 2030 and beyond. Recognizing this, the Government has designed a program that will play a role in ensuring that gas is freed from the challenges we face to drive industrial development. ” he said.
